The Angel of institutional concern: batch manufacturing entrepreneurs unrealistic

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Angel funds have been unusually active this year. However, in an endless stream of "angels", institutions are stronger than individuals. In fact, in the United States, "angels" are usually individuals, not institutions. The tendency of the Chinese angels to become more and more institutional.

The institution of War Angel dispute

Angel investors pay attention to quick response, need to stoop down to smell the surrounding, relatively speaking, the mechanism response is not so sensitive.

In "The 2012 first China angel investor Conference", "China business newspaper" reporter encountered from all walks of life from the angel investors, many of these people are representatives of agencies.

Impressed by the previous two-tier market for a private equity fund, its representative also appeared in the VIP room. The representative told reporters: "We are here to learn, but also ready to make an angel fund." "Similar to her, according to the reporter Exchange observation found that half of the Angels are representatives of the agency."

Among the institutional angels, China has two big institutions to mention, the Lenovo-owned Lenovo Star, an angel investment fund led by Liu himself, which is 400 million yuan. Another is the innovation workshop led by Lee Kai-fu.

So far, the two major institutional operations of the Angel investment has not been outstanding performance. People familiar with the matter say they are still groping to explore a platform for mass production of entrepreneurs and even entrepreneurs.

In Xie, the chairman of the Golden Education and angel investor, the institutional operation of Angel investment is a paradox. Angel investors pay attention to quick response, need to stoop down to smell the surrounding, relatively speaking, the mechanism response is not so sensitive. However, from the management point of view, after the institution of a relatively more normative.

Baofan, founder of Huaxing Capital, said: "Angel investment decision-making is irrational and needs to find a balance." But it will not be monopolized by angelic institutions. "Bag who himself in two years ago set up the perilous peak huaxing Angel Fund."

Like Baofan, Yang Lei is also the founder of two institutions, one is the PE fund Huashan Capital and Taishan Angel Fund. Yang Radium shot relatively early, there have been successful investment cases.

However, there are not willing to disclose the name of the VC partner told reporters: "This is in fact a flag for the VC." "The domestic early to raise angel investor activities Good Investment network general manager Hu Cai and also believe that the angel has been abused suspicion, there is a" great leap forward "phenomenon.

Institutional sequelae

"Don't hallow the investor, he's like a babysitter for you, half an angel investor and half an entrepreneur." Sun Chuangan said that personal angel investment is a way of life, and institutional angel investment is a job.

Institutional investment has its advantages, such as the rational strengthening of decision-making, through a layer of checks, can improve the success rate. But there are also problems with institutions that are angels.

First of all, angels have to play the role of entrepreneurs, assume the relevant obligations, not only to provide money but also to provide resources, and have enough time to bubble with entrepreneurs. For institutions, they do not do as well as individuals because they are limited by time, energy and performance.

"The important thing about angels is to feel, and to find someone who has no entrepreneurial experience to be an investment manager, how does his feelings get passed on to policymakers?" Hu Cai and thinks that the institutional Angel Fund is like a small VC.

In Lakara chairman, Angel investor Sun Yu, many so-called institutional angel investment behavior can only be called Angel type of investment, professional team also become professional investors. And the real angel is often used in spare time, personal docking start-up enterprises.

Second, the institutional performance of the pressure, so that the funds do not have enough patience, may be in order to withdraw from the enthusiasm of the invested enterprises.

Angel mentality should be playing, this is the mentality of most angel investors, not to the money, but fun. Sun Chuangan said: "Angels are helping others to do things." If you pay attention to the return on investment, often investment will fail. ”

The institutional Angels will encounter the ever-optimizing early VC rivals. In the face of more intense competitive environment, some VC decision-making process more and more like angels. Some VC gives partners the opportunity to make decisions once a year, so long as the partner approves the project, that is, the investment is branded as a partner, which makes some institutional angel funds face a tougher environment.

Sun Yu, can from this perspective to analyze this problem, the most cattle project and the most cattle investment companies listed together, will find no number. This is because venture capital is "heart flower flowers do not open." In his view, the incubator model is unlikely to succeed, "there is no big tree in the greenhouse", but can use this platform, entrepreneurs take the initiative to go outside to accept the wind and rain.

The protagonist of Angel investment should be a person. "Don't hallow the investor, he's like a babysitter for you, half an angel investor and half an entrepreneur." "Sun Chuangan said. And for the angelic institutions, it is difficult to ask for it, and their identities are more embarrassing. Personal Angel Investment is a way of life, institutional angel investment is a job. Perhaps this is the cause of the paradox of the institutional operation of Angel investment.

Reporter observation

Angels are not as good as clubs.

The institutional operation of Angel investment is the biggest bubble in Chinese angel investment. The bubble was obvious, but no one wanted to prick it.

Some of the funds under the banner of Angels, using a set of venture capital (VC) process and standards in the screening project. If the investment is only smaller, the stage earlier a little VC, the name of the "Angel", then the angel will be an angel?

Although the United States also has a case of institutional angel investment, but it has a solid foundation, such as the establishment of a number of angel clubs, after a large number of personal angel investors to appear. And now the Chinese Angels are flying, which is very abnormal.

For angel projects, the role of institutions is often less effective than the individual. For example, communication costs are increased, multiple layers are transmitted, and decision responses are slow. But why is it that some people are willing to return to the second, the institutional operation of Angel investment?

The greatest power comes from speculation. For the managers of Angel institutions, they use a set of keywords that are the highest in the heat, and it's easier to tell stories when it comes to financing. The investors behind the Angels are also investing in the high profits that might exist, rather than the real enthusiasm of angels.

The angel's institutional impulses are likely to disrupt the angel investment climate that has just come up and disrupt the entire equity investment industry. First, institutional rationality destroys individual sensibility, reduces the behavior of individual angel people and hinders innovation. Second, the institutional Angel to do some VC work, misleading investors, and ultimately lead to investors for the sticker Angel and VC labels without substantial differences in the funds have different expectations, resulting in more difficult to raise VC. Third, for entrepreneurs, institutional investment managers and angel investors in the entrepreneurial experience is not the same, to get the institutional angel money will reduce a start-up partner, recruited a mother-in-law.

Angel investors also said that I have a lot of projects, a person can not control, so the organization. If this is the case, take your own money to ask some people to help with the project, this kind of angel organization did not lose the angel investor's true.

The most essential feature of angel investment is that investors use their own experience to help entrepreneurs, money is often not the first. This is precisely the lack of institutional operation.

If the angel investment Market is dominated by a group of investment managers who have no entrepreneurial experience in the case of individual angels, where will the Chinese angel market be brought? are the Angels or demons the founders?

The greatest benefit of the angelic institutions is the ability to focus on events, share wisdom and spread risk. This is the value of institutional angels. As you can imagine, the realization of these three wishes for angel investors, there are better ways to choose, such as the composition of the physical distance to the point of the angel Investor Club, through the loose type of cooperation to achieve the above effect, but also less institutional ills.

Angel Organization should be cautious push, angel investment is not business, to let the angels scattered around the world, should encourage excellent individuals as angels, rather than as a business to do.

(This source: China Business Report)